The Bid Participation Fee and the Supplier Fees are used to cover the costs of the procurement event. All Bidders must pay a Bid Participation Fee once during the year to participate in the IPA procurement events. The Supplier Fees are levied only on Bidders that have Bids approved by the ICC. Each Bidder is required to post a Letter of Credit with the Part 2 Proposal. This Letter of Credit serves as bid assurance collateral and also remains in place during the term of the applicable supplier contracts until all Forecast Quantities are converted into identified systems and all identified systems have delivered at least one REC.